Whether you’re just starting or planning for retirement, guaranteed whole life insurance offers around a range of guarantees you can count on. Guaranteed whole life insurance can offer guaranteed premiums that stay the same from the day you purchased the policy—guaranteed death benefit that does not change unless you stop paying premiums or elect to reduce your amount of coverage. Guaranteed cash values accumulate on a tax-deferred basis allowing you to start planning right away. They will never decrease and are not affected by market fluctuations.
Cash values may not be available in the first several policy years and would be reduced by any indebtedness at the time of surrender. Guaranteed insurability means that your classification will never change unless it is to your advantage once the policy is enforced. Guaranteed paid-up values are stated upfront each policy year so you know where you stand if you should decide to stop paying premiums. Pay it up the insurance is the amount of death benefit you receive if premiums were no longer paid, less indebtedness.
Whole life insurance can cover you and your family for your entire lives from beginning to end and everything in between. When you are purchasing guaranteed whole life insurance, consider your insurance needs. With so many guarantees, guaranteed whole life insurance is ideal for many of your insurance needs today; consider using yet when planning for state conservation: business continuation, charitable giving, conversion, impaired risk.
When paying for guaranteed whole life insurance, you have several options of payment methods: 10 pay premiums are payable for ten years, which provides you with a paid-up policy with no additional premiums due after ten years. Level pay premiums are payable for the life of the policy. Single pay gives you a paid-up policy with one single premium, and no additional premiums do for the policy’s life. Paid-up to 65 level premiums are payable to age 65, which provides you with a paid-up policy with no additional premiums due after age 65.
Maybe you have decided to leave a child or grandchild a specific amount of your passing. Maybe you are considering a charitable gift to your local church or nonprofit organization. Life insurance benefits are paid to the beneficiary directly and are generally tax-free. In addition, the death benefit is not subject to probate, so the survivor does not have to wait for payment.
Songer benefits offer a wide range of guaranteed whole life insurance products. We also offer universal and term life insurance from many different A-rated life insurance companies in West Virginia. For more information on unguaranteed life insurance, please contact Songer Benefits and speak to a licensed professional.